MARKET UPDATE: CAPITOL HILL – OCT. 2014
Take a look at these market statistics highlighting what has been selling in the Capitol Hill/Central Seattle neighborhoods (NWMLS Area 390) over the past 6 months. These charts show just how many homes and condos have sold between May of 2014 and October 2014, plus their average sales prices and market time, based on the number of bedrooms each property had:
Now, it wouldn’t be a monthly market update without some visuals so let’s dive into this graph:
Single family homes in Capitol Hill saw a 25% increase in inventory in October when compared to September but also experienced a huge increase in sales month over month with 19 closings – a 58.3% increase over September! There is just over 1 month’s worth of inventory available which means this seller’s market is not showing any signs of slow down. Typically we see some seasonal flucutation in real estate activity come November and December so it will be interesting to see how things fare over the next few weeks.
This graph shows the average days on market for single family homes that sold in Capitol Hill plus the sales price to original list price as a percentage. As you can see, sellers have been getting close to 100% of their asking price, if not more for the past 15 months – just one more reason it is a great time to be a seller in our neighborhood!